$955k cash at the end of Sep'21 & next phase of drilling starts mid-Nov.
The cash balance at the end of Mar'21 was $1.164m & they raised $1.3m in late May'21 to finance exploration. My guess is they'll be raising $1.5m cash sometime before end of Dec'21 to finance the next round of exploration & there's plenty of exploration happening in the coming months as per announcement dated 22/07/21.
My guesstimate on project capex required is
$15m - $20m before they start mining & producing gold...
- $5m to upgrade the plant (there's a possibility a significant part of the plant upgrade might get funded via a JVA with Timora)
- $10m for mine development & construction of the TSF (tailings storage facility).
- $5m for working capital.
- Planned Open pit has a high waste / ore ratio of 15:1 (expensive strip ratio).
Looking at a previous owner of the Adelong mine...Tasman Goldfields Ltd (TGX) put together a marketing DVD & went fishing for finance over an (8) month period back in 2009. They captured the interest of Auscan Gold Ltd & entered into a non-binding agreement for Auscan to finance mine development at Adelong with a
$25m contribution. Auscan weren't in any rush to hand over that kind of doe & eventually bailed out of the agreement.
) but taken a small opening position today, just in case a CR drops soon so i can participate
